Financial Investment News reporter, Liu Min
On July 2, a number of new energy vehicle companies disclosed their sales in June 2024 and the first half of the year. According to data released by the Passenger Association, in June, the retail scale of domestic new energy passenger vehicles is expected to reach 860,000 units, an increase of 6.9% month-on-month and a year-on-year increase of 32.7%. The penetration rate is expected to increase to 49.1%.
The Financial Investment News reporter noticed that with the implementation of the "trade-in" policy in various places, the sales of new energy vehicles in June performed well, and many car companies refreshed their monthly sales for the year. Specifically, BYD, Li Auto, NIO, and JK Automobile have achieved the best monthly results this year. The monthly sales of zero-run cars have exceeded 20,000 for the first time, setting a record high, and the sales of Xiaomi Automobile have also exceeded 10,000.
BYD sold more than 1.60 million cars in the first half of the year
BYD’s sales data for June showed that its sales of new energy vehicles were 340,200, an increase of 35.2% year-on-year, setting a record high for single-month sales.
From the perspective of sub-brands, BYD’s Dynasty Network and Ocean Network sold 324,800 vehicles, an increase of 35% year-on-year; Tengshi brand, Yangwang brand and Equation Leopard brand sold 12,275 vehicles, 418 vehicles and 2,680 vehicles respectively.
Looking at the long time line, BYD’s sales of new energy vehicles in the first half of the year reached 1.613 million, an increase of 28.46% year-on-year.
It is worth mentioning that the pace of BYD’s new energy vehicles "going overseas" has accelerated. In terms of new energy passenger vehicles, BYD exported 27,000 vehicles in June, an increase of 156.2% year-on-year. Specifically, BYD’s first batch of mass-produced new energy vehicles in Uzbekistan Song PLUS DM-i Champion Edition officially rolled off the production line; BYD launched three pure electric models and two hybrid models in Tunisia, deepening the layout of the new energy market in North Africa. In addition, BYD’s first store in Jamaica also officially opened.
In June this year, Geely Automobile’s new energy vehicle sales were 66,000, a record high, an increase of 88% year-on-year, accounting for nearly 40% of total sales. Lynk & Co brand sales were 24,400, an increase of 49% year-on-year; among them, Lynk & Co’s new energy vehicle sales reached 15,200, accounting for more than 62%, and the cumulative sales in the first half of the year reached 64,100. At the same time, JK delivered 20,100 new energy vehicles, an increase of 89% year-on-year, a record high, and the cumulative delivery volume in the first half of this year was 87,900.
Geely Automobile said that based on the strong sales performance of products this year, the group decided to raise the original annual sales target by about 5%, from 1.90 million to 2 million. In the first half of 2024, Geely Automobile’s cumulative sales reached 955,700, of which the sales of new energy vehicles were 320,200, an increase of 117% year-on-year.
It was followed by Changan Automobile. In June this year, Changan Automobile sold nearly 65,000 new energy vehicles, an increase of more than 61% year-on-year. In the first half of this year, the sales of Changan Automobile’s own brand new energy vehicles reached 299,000, an increase of more than 69% year-on-year. Among them, Changan Qiyuan delivered 73,000 in the first half of this year, Deep Blue Automobile delivered 83,900, and Avita delivered 29,000.
According to the sales data released by GAC Aian, its global sales of new energy vehicles in June reached 35,000. However, GAC Aian’s global sales in May this year were 40,100, that is to say, the sales in June fell by 12.59% month-on-month.
New car makers sell 20,000 vehicles a month, and the camp expands
Judging from the performance of new forces in car manufacturing, in June this year, Li Auto returned to the top of China’s new power brand sales with more than 40,000 sales.
In June this year, Li Auto delivered a total of 47,800 new cars, an increase of 46.7% year-on-year; in the first half of this year, a total of 189,000 vehicles were delivered. Li Xiang, chairperson and CEO of Li Auto, said, "The delivery volume of Ideal L6 successfully exceeded 20,000, and the monthly delivery volume of all products exceeded 40,000. In early July, Li Auto’s no-picture NOA will be officially launched to all AD Max users."
It is worth noting that at the beginning of this year, the monthly delivery volume of Wenjie Automobile exceeded the ideal, and the sales volume was disclosed in the WeChat official account at the beginning of each month. In recent months, the sales data was no longer released separately, but was merged into Hongmeng Zhixing for publication. In June this year, Hongmeng Zhixing delivered a total of 46,100 vehicles, and a total of 194,200 vehicles were delivered in the first half of this year. Among them, Wenjie Automobile delivered 43,100 vehicles in June, while Zhijie delivered 2995 vehicles.
NIO delivered 21,200 new cars in June this year, an increase of 98% year-on-year, a record high; a total of 87,400 new cars were delivered in the first half of the year, an increase of 60.2% year-on-year.
NIO’s ESG 2023 report released in June shows that NIO’s R & D investment in 2023 reached 13.43 billion yuan, and the total number of patents filed and granted in the United States, China, Europe and other jurisdictions was 8,478.
The delivery volume of Zero Run Car in June also hit a record high. The monthly delivery volume reached 20,100, an increase of 52.3% year-on-year and a month-on-month increase of 10.7%. The cumulative delivery volume in the first half of the year was 86,700. On June 28, Zero Run Car Smart 6-seat SUV Zero Run C16 was officially launched, and it was listed for 48 hours, and it was set to reach 5,208 units.
XPeng Motors delivered a total of 10,700 new cars in June this year, an increase of 24% year-on-year and 5% month-on-month; from January to June, XPeng Motors delivered a total of 52,000 new cars, an increase of 26% year-on-year. Among them, Xiaopeng’s iconic product P7, the monthly delivery volume has fallen to the level of one or two thousand vehicles, Xiaopeng X9 "Nine Crown" only delivered 1687 vehicles in June.
The official data of Xiaomi Auto shows that the delivery volume of Xiaomi SU7 exceeded 10,000 units in June, but the specific number was not disclosed. Since the first delivery in early April, the sales volume of Xiaomi SU7 has continued to grow. It is understood that in order to speed up the delivery progress, Xiaomi Auto factory also implemented double shift production in June to increase the delivery capacity.
The process of "going to sea" is accelerated, which is good for new energy vehicles
Some industry insiders said that they are optimistic about the sales volume and "going overseas" prospects of the new energy vehicle market this year, especially the "trade-in" policy launched at the end of April, which is expected to significantly boost the annual sales.
According to the data of the Passenger Association, in May this year, the production and sales of new energy vehicles were 940,000 and 955,000, respectively, an increase of 31.9% and 33.3% year-on-year, and the market share reached 39.5%. Among them, the production and sales of pure electric vehicles were 557,000, an increase of 8.8% year-on-year, and the production and sales of hybrid cars were 383,000, an increase of 91.2% year-on-year. From January to May this year, the production and sales of new energy vehicles were 3.926 million and 3.895 million, an increase of 30.7% and 32.5% year-on-year respectively, and the market share reached 33.9%.
GF Securities analysis believes that under the national policy of promoting consumption, such as new energy vehicles to the countryside, car companies and other factors, the demand for car purchases continues to release, and the pattern of strong supply and demand in the auto market will continue. The Finance Bureau allocated special project funds to support the scrapping and renewal of old cars, and local subsidy policies were introduced in many places. The "trade-in" of cars is progressing well. Car companies have introduced replacement and purchase subsidies to encourage car consumption.
China Galaxy Securities pointed out in its latest research report that the independent brands of new energy vehicles are gradually forming a differentiated overseas road for different characteristic markets around the world. For the export core regions such as South East Asia and Central Asia, the continuous high growth of export volume has driven the independent brands to build factories in the local area and increase the market share; for markets with strong local brands such as Europe, the independent brands have begun to try the new joint venture model with technology output as the core, and use this model in the Chinese market; for countries with low consumption capacity such as Africa, the current penetration rate of independent brands is low, and the direct export model is still adopted.
China Galaxy Securities believes that independent brands continue to make new progress and new breakthroughs under the above three models, accelerating the process of "going overseas" of our country’s cars. According to the latest report released by AlixPartners, by 2030, Chinese brand cars will achieve 9 million sales outside China, and the market share will increase to 13%, with broad development prospects.
